Nothing is binding until offer AND acceptance. So if a buyer makes an offer, he can withdraw it until seller signs and accepts it. What I think happened with Colekicker is that he (and some others) submitted offers, but seller's agent sat on them, waiting to see what other offers came in. At this point, there are 4 pending offers, none of which has been accepted by the seller, so the parties are free to keep negotiating. But once a buyer and the seller have both signed one offer, its binding on both. Subject to other language in the contract, which is usually to the effect that if the buyer backs out, seller gets to keep the earnest money only. But if seller backs out, buyer can enforce the deal.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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